KeyBank Community Development Lending and Investment has successfully arranged financing for the acquisition and rehabilitation of Tompkins Terrace, an affordable multifamily property located in Beacon, New York. The financing package includes $17.1 million in Low Income Housing Tax Credit equity and a $24.1 million permanent loan through the Fannie Mae forward MBS Tax-Exempt Bond (MTEB) program, with KeyBanc Capital Markets handling the sale of tax-exempt MTEB bonds.
Tompkins Terrace offers 193 units to households earning up to 50% and 60% AMI, along with various amenities such as an on-site food pantry and meal deliveries. The project sponsor is Related Affordable, a real estate development company specializing in both affordable and market-rate multifamily projects.
The funding secured by KeyBank will support this important community development initiative that aims to provide quality housing options for low-income families while also offering supportive services like those mentioned above. With its expertise in this area of real estate finance, KeyBank continues to play a crucial role in promoting economic growth through responsible lending practices.
